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Builder fights NAMA

DEVELOPER David Daly has started legal proceedings to try to overturn the National Asset Management Agency's appointment of receivers to a string of properties in Dublin and London owned personally by him.

Mr Daly is a director of well-known housebuilder Albany Homes, which is not in receivership.

NAMA assumed control of loans to Mr Daly worth hundreds of millions of euro from AIB.

One of the properties subject to receivership is 87 St Stephen's Green, Dublin, which is leased by the Garda Inspectorate.